Coinbase launches its "Coinbase Custody" service for institutional investors
This is especially via the blog Medium , this Monday, July 2, that Coinbase announced that its new service had accepted its first deposit of cryptocurrencies , and that it was now fully operational and open to all investors fortunate enough to use it .
https://twitter.com/coinbase/status/1013786794700070912
As one can read in their publication:
"Coinbase Custody's mission is to make investment in digital currency accessible to all eligible financial institutions and hedge funds worldwide . "
They also recall that, since its creation 6 years ago , Coinbase is now "responsible for the custody of more than 20 billion dollars of cryptoactives" .
To this expertise stemming from their main trading platform , Coinbase Custody adds:
- on-chain separation of cryptoactives;
- offline, split private keys , requiring a quorum of geographically distributed agents who must use cryptographic hardware to sign transactions;
- multiple layers of security;
- reliable audit and report on cold storage (cold / offline storage).
The Coinbase Custody service provides secure storage of crypto assets to US and European - based institutions for the moment, but an opening to Asian institutions is planned before the end of the year, with no specific date yet. .
The cryptocurrencies that are currently supported by the new Coinbase guard service are Bitcoin (BTC) , Ethereum (ETH) , Litecoin (LTC) and Bitcoin Cash (BCH) . Other cryptoactives will be added to the service, but without specifying their identity.
As recalled by Coindesk , customers will be required to pay a $ 100,000 opening fee to deposit a minimum of $ 10 million worth of cryptocides on Coinbase Custody. This service is definitely not for all purses!
Coinbase Custody is a proof of the fact that big players (institutional, hedge funds) are interested in cryptocurrencies, and are looking for high security professional solutions, which are just starting to appear. Now that they are starting to have adequate services for the very large sums involved, it is certain that this will have an impact on the cryptocurrency market, it remains to be seen when (soon?), And to go in what direction (up or down). drop?).
I like coin base rhis launch
As a day trader of cryptos this is both exciting and scary...I see a long-term bull with big money, even countries, entering the space; but then I’m an even smaller fish and it makes it all that much more risky to sell.
For anyone wanting to get in, now’s the time...likely a bit more downside as the big boys want to scare out the weak hands and get cheap coins.